06/07/2022
Reliance Industries on Thursday had declared the acquisition of a stake in Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 large integer through its wholly-owned subsidiary Reliance New Energy.
"This is the most opportune time to invest our efforts in boosting EV manufacturing to cater to the rising aspirations and demands of the customers. The future of India's automobile industry is electric and we have already laid out a roadmap to achieve fast-EV adoption, mainly in the commercial segment," said Amitabh Saran and Shalendra Gupta, Co-founders, Altigreen.
The newly raised capital will be used to increase production capacity, accelerate research and development, accelerate EV adoption and build a strong Pan-India network to provide the best and cleanest last-mile transportation solutions in the country, it added.
The company has already expanded its network across leading Indian markets including New Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Kolkata and Chennai.
"We draw comfort with Altigreen's primary focus on the three-wheeler segment within the EV space - which fundamentally is less cluttered and under-penetrated, as well as benefits multiple stakeholders in the value chain (from Ecommerce players to consumers).
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